SMEDAN, National Assembly set to fund One million SMEs

Plans to work with the National Assembly to formalize and finance one million small and medium-sized firms (SMEs) nationwide have been revealed by the Small and Medium firms Development Agency of Nigeria (SMEDAN).

The statement was made by SMEDAN Director-General Charles Odii on Tuesday, October 30, 2023, in Abuja during a meeting with young entrepreneurs and members of the National Assembly.

One of the most important aspects of the agency’s objective to promote wealth through the growth of SMEs, according to Odii, is the drive to fund one million firms.

“SMEs are the backbone of the Nigerian economy, accounting for over 90% of businesses and contributing over 50% of GDP,” added Odii. “However, SMEs are often faced with challenges such as access to funding, regulatory challenges, and lack of support and resources.”

The goal of the partnership with the National Assembly is to solve these issues and establish a conducive atmosphere for the growth of SMEs.

According to Odii, SMEDAN and the National Assembly will collaborate to create and carry out policies that assist SMEs. In order to assist SMEs in formalizing their companies and gaining access to capital, the organization will also offer training and support.

The SMEDAN DG encouraged aspiring business owners to use the chance to formalize and finance their ventures.

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“The initiative to fund one million businesses is a unique opportunity for young entrepreneurs to grow their businesses and create jobs,” Odii stated. “I encourage all young entrepreneurs to take advantage of this opportunity.”

It is a positive development that SMEDAN and the National Assembly are working together. It might spur SMEs’ expansion and generate employment for millions of Nigerians.

The following are a few advantages of the partnership:

Improved financial availability

SMEs encounter significant obstacles in obtaining capital. It is anticipated that the partnership with the National Assembly would result in the creation of new financing plans and initiatives for SMEs.

a lighter regulatory load
Regulations that are intricate and overlap frequently place a hardship on SMEs. It is anticipated that the partnership will result in the streamlining and simplification of rules, making it simpler for SMEs to conduct business.

More resources and assistance

For SMEs to expand, they require resources, assistance, and training. It is anticipated that the partnership will result in SMEs receiving greater resources and assistance.

All things considered, the partnership between SMEDAN and the National Assembly is a constructive move that might accelerate the expansion of SMEs and generate employment for millions of Nigerians.